InsurTech INSTANDA has unveiled a new virtual integration marketplace enabling insurers to pick and choose pre-integrated technology solutions.
By tapping into the new service, INSTANDA’s clients will be able to more easily integrate with over 200 other digital platforms such as Hubspot, Sage50 and Salesforce, Docusign, and Hyperscience.
INSTANDA explained that the virtual marketplace’s infrastructure shares some similarities with those experienced by open banking platforms. This, INSTANDA said, would in the future empower insurers to integrate their products with voice bots – so customers can ask their Alexa when their car insurance is up for renewal – and automatic repayments – so customers are auto-repaid if a flight is cancelled.
“Technology platforms like Hubspot and Hyperscience are transforming the banking and insurance industry, allowing businesses to improve and automate everything from their customer relationships to their finances,” said Gari Gono, head of solutions at INSTANDA.
“The challenge is, many insurers aren’t adopting these new technologies because it is costly and difficult to integrate them into their existing infrastructure. Our marketplace provides a solution to this. With INSTANDA, these solutions are pre-integrated and ready to go. Insurers for too long have been held back by legacy technology, with the INSTANDA marketplace this is now no longer the case”
INSTANDA secured a $19.5m investment in March to fund its global expansion efforts and to push for a digital revolution in the insurance industry, something Tim Hardcastle, CEO of INSTANDA, argued was sorely needed.
“The insurance industry has come a long way since the coffee houses of the 17th century, but many insurers are still relying on IT systems that belong in the history books,” he said at the time.
“INSTANDA was born out of a belief that technology should promote innovation, not hinder it. We experienced first-hand how the industry was being held back by monolithic, third-party IT systems that add layers of complexity, cost and confusion, and we wanted to change that.”
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